1913 public local laws – Ch.279 Sec.4
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CHAPTER 279, AN ACT TO AUTHORIZE THE BOARD OF COMMISSIONERS OF BLADEN COUNTY TO ISSUE BONDS. The General Assembly of North Carolina do enact:
That it shall be the duty of said commissioners to invest any and all the moneys arising from the special tax for creating a sinking fund in the purchase of any of said bonds at a price deemed advantageous to said county, or to loan the said fund upon notes or bonds secured by bonds of the State of North Carolina, or to loan the same upon first mortgages where and when the said board shall find as a fact and cause to be spread upon their minutes the fact that the real estate upon which such funds shall be loaned exceeds in value the amount of such loans by fifty per cent, which said finding of fact shall be accompanied by a certificate that the title to such property is absolutely clear.